Bank of Colombia sees inflation target being met, holds rate unchanged: minutes report

By Richard Connell

New York, Nov. 6 - The Central Bank of Colombia's board of directors left its base interest rate uncharged at 4%, deeming that the inflation target would be met without upward pressure from the intervention rate, according to minutes released by the bank Friday.

The board noted that inflation in September was 3.21%, an increase of 8 basis points from August.

On a year-to-year basis, inflation through September was 2.12%, well below the 6.53% from the previous year.

The board also studied data which showed declines in exports in U.S. dollars, industry, the mining sector and farming through August, also on a year-to-year basis.

The board, deciding that the inflation target of 3% would be met due to a drop in commodity prices and expectations of slow growth in the world economy through 2010, held the interest rate at 4%.

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